1millionBoys:
My Tbills of 10m will mature in a few days'. In the absence of what to do with it, I am thinking of opening a dorm account and putting it there at least to cushion the effects of further naira devaluation/ depreciation.

What do you think?

And which bank is best for dorm accounts.

Cc
Justwise

Lionlee216
Egunmogaji2
Evilforest
Canadaorbust

Etc

i also need more information on this dorm account...how it works...its benefits etc...do you mind sharing?

1millionBoys:
My Tbills of 10m will mature in a few days'. In the absence of what to do with it, I am thinking of opening a dorm account and putting it there at least to cushion the effects of further naira devaluation/ depreciation.

What do you think?

And which bank is best for dorm accounts.

Cc
Justwise

Lionlee216
Egunmogaji2
Evilforest
Canadaorbust

Etc

You should change your moniker to 10millionboys.........

1millionBoys:
My Tbills of 10m will mature in a few days'. In the absence of what to do with it, I am thinking of opening a dorm account and putting it there at least to cushion the effects of further naira devaluation/ depreciation.

What do you think?

And which bank is best for dorm accounts.

Cc
Justwise

Lionlee216
Egunmogaji2
Evilforest
Canadaorbust

Etc

I really don't know anymore about Nigerian economics.

I trust real estate.

A domiciliary account makes sense if your objective is capital preservation in a safe vehicle as the Naira continues to depreciate. But then, you are already behind the 8 ball at this point, with the Naira currently exchanging at about 460 to the dollar. But who knows the future? It may go as low as 500 or even 600 in the near future. My experience with these accounts in Nigeria has been ease at moving dollars in, but difficult to get it out in forex cash without the usual "man know man" connections. Its easier to do electronic transactions but you will pay some fees. I detest third parties unnecessarily being in my business with no real value added except to enable what should be a legal process so I have stopped transactions on mine.

1millionBoys:
My Tbills of 10m will mature in a few days'. In the absence of what to do with it, I am thinking of opening a dorm account and putting it there at least to cushion the effects of further naira devaluation/ depreciation.

What do you think?

And which bank is best for dorm accounts.

Cc
Justwise

Lionlee216
Egunmogaji2
Evilforest
Canadaorbust

Etc

U r THINKING of it?? That’s your only real choice in the short term.

CanadaOrBust:


U r THINKING of it?? That’s your only real choice in the short term.

The OP can buy forex on the open market and keep at home
Is it possible to buy forex at the official rate to open a domiciliary account? I doubt it. The wahala is that they will start to give you the run around when you want to withdraw foreign currency from your dorm acct. They will want to give you Naira equivalent.

Mancala:


The OP can buy forex on the open market and keep at home
Is it possible to buy forex at the official rate to open a domiciliary account? I doubt it. The wahala is that they will start to give you the run around when you want to withdraw foreign currency from your dorm acct. They will want to give you Naira equivalent.

Just don’t keep it in naira is my point. Of course he could keep the hard currency under his mattress but I personally don’t advocate that

1millionBoys:
My Tbills of 10m will mature in a few days'. In the absence of what to do with it, I am thinking of opening a dorm account and putting it there at least to cushion the effects of further naira devaluation/ depreciation.

What do you think?

And which bank is best for dorm accounts.

Cc
Justwise

Lionlee216
Egunmogaji2
Evilforest
Canadaorbust

Etc

exchange rate is already high ,so do your calculations sha. if u deposit cash into dom you cant transfer you can only withdraw in cash later. i bought at 360 in December and sold at 440 in may. very sweet profit lol

EgunMogaji2:


I really don't know anymore about Nigerian economics.

I trust real estate.

Sir, is it the Nigeria you said that is better than America or a different one

If you don't understand Nigeria economics anymore, I wonder who else will?

Like I stated in another thread:

Gerrard59:


Nigeria earns more than 70% of foreign revenue via sale of crude oil whose price won't climb to $100 per barrel anytime soon. Besides, the naira has never appreciated against the dollar in its entire history. Unless the country's economy is highly diversified beyond collecting oil royalties, the currency will continue to lose value. It's only a matter of time. However, there exist two ways to hedge against it:

- Earn in dollars while being in Nigeria

- Convert bulk naira earnings to dollars immediately. Never save in naira.

Thanks

JWTheocracy1:



Sir, is it the Nigeria you said that is better than America or a different one

If you don't understand Nigeria economics anymore, I wonder who else will?

Please quote where I posted that.

Thanks.

I, EgunMogaji loves Nigeria even with my dying breadth and I'm living my best life here.

Superficially, this is not the best time buy FX with Naira, except it is critically needed.

However, time is a critical factor in investment equations.

If you wouldn't need the funds in a long time, say 3-5 years, then this is a good time to buy dollar with your Naira.

WHY?

Insight from currency market analysis over the last 20 years shows the Naira will continue to fall against the Dollar, as long as Nigeria relies on oil. Sad to say, Dollar will gain more against the Naira in coming years.

Summary: If you can leave your funds for a long-term, then buy Dollar now. If you need the fund in about 6-12 months, then, invest in Mutual Funds or any variants of Fixed Income.

PS: With the figure you're throwing around online, you've got to be more security conscious online and offline. Best bet, find closed investors' thread here on Nairaland instead of opening a new thread with figures and details that can attract men of the under world to your portfolio.

Best!

1millionBoys:
My Tbills of 10m will mature in a few days'. In the absence of what to do with it, I am thinking of opening a dorm account and putting it there at least to cushion the effects of further naira devaluation/ depreciation.

What do you think?

And which bank is best for dorm accounts.

Cc
Justwise

Lionlee216
Egunmogaji2
Evilforest
Canadaorbust

Etc

tolajay:
Superficially, this is not the best time buy FX with Naira, except it is critically needed.

However, time is a critical factor in investment equations.

If you wouldn't need the funds in a long time, say 3-5 years, then this is a good time to buy dollar with your Naira.

WHY?

Insight from currency market analysis over the last 20 years shows the Naira will continue to fall against the Dollar, as long as Nigeria relies on oil. Sad to say, Dollar will gain more against the Naira in coming years.

Summary: If you can leave your funds for a long-term, then buy Dollar now. If you need the fund in about 6-12 months, then, invest in Mutual Funds or any variants of Fixed Income.

PS: With the figure you're throwing around online, you've got to be more security conscious online and offline. Best bet, find closed investors' thread here on Nairaland instead of opening a new thread with figures and details that can attract men of the under world to your portfolio.

Best!

Thanks